EU 'at crossroads' says CBI

EUROLAND will greet its single currency with a 'seriously fragmented' single market where too many nations have 'dragged their feet' in implementing legislation, said CBI chief Digby Jones.

He claims the single market is operating at only 90% of capacity and said the European Union is 'at a crossroads'.

The CBI slammed the EU for proposed rules on company restructuring which would allow staff to overturn management decisions. It attacked a prospectus directive that would make it more costly to raise capital

It also opposed a 'one-size-fits-all' law on consulting workers. And it criticised the failure of a takeover directive that would have stopped boards blocking bids unfairly.

Jones said firms are 'fed up' with one implementation rule for some countries and another for others.